Fortitude Valley is the place to be, with the area earmarked for some exciting expansion.
Fortitude Valley’s Central Village unveils its third tower as sales of Brisbane inner city apartments surge to record levels and prices appear set to rise.
The inner city new apartment market has surpassed its best ever quarterly sales result and price rises now would appear imminent.
Research by Place Advisory for the June Quarter saw a record 1083 unconditional contracts signed across 57 new apartment projects. Over the past 12 months there were 3420 unconditional sales at an average price of $551,847 according to Lachlan Walker, director of Place Advisory.
With 58 per cent of all sales being below $550,000 Walker says it’s all about affordability.
“Our market at the moment is driven by those investment fundamentals. We’re getting owner occupiers coming through the door but they’re still a minority when it comes to sales,” he says.
As it unveils the third of the project’s five towers in Fortitude Valley, the $450 million Central Village by Metro Property Development is testament to the strength of the inner city market and appeal of Fortitude Valley.
With the first and second stages—the 165 unit Cambridge and 160 unit Oxford Towers—now completely sold, Canterbury Towers will feature 195 one, two and three bed apartments over 19 levels.
Metro Property Development managing director Luke Hartman says Central Village’s strong appeal with buyers was due to its premium location in a growing inner city pocket.
“Fortitude Valley is a highly desirable inner city suburb that has been earmarked for a range of new infrastructure and development projects, such as the RNA Showgrounds redevelopment which is due for completion within the next 12 to 18 months” he says.
“The redevelopment will include the first retail precinct at the RNA in King Street, due for completion soon and construction is also underway on some fresh food markets.
“With Central Village located just 150 metres away from the RNA Showgrounds, residents will only be a few minutes away from this exciting new precinct.”
Canterbury Towers fits within the affordability parameters so important to investors and first home buyers. Metro marketing director Ken Woodley says Central Village’s Canterbury Towers would offer buyers a sophisticated and cutting edge entry point into the market.
“It offers an unheralded lifestyle with each apartment featuring modern fixtures and appliances, access to a series of swimming lagoons, plunge pool, a white sand beach, a gym, high speed internet access and an expansive yoga lawn,” Woodley says.
“With prices from $330,000, apartments offer excellent value for money in a competitive market.”
On completion Central Village will comprise five towers and approximately 970 apartments in a prime location less than two kilometres to the CBD, near the Valley entertainment and retail precinct and a range of employment and transport hubs. The project is expected to take five years to complete.
From the old cries of “Two to the Valley” when the trams took ran into this vital area to the new cries of home is the Valley, the area is being reborn.